FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Constructing Financial Statements from Account Data
Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011.
Accounts payable
Accounts receivable
Bonds payable, long-term
Buildings
Cash
Common stock
Cost of goods sold
Equipment
Expenses
Total expenses
Net income
Assets
Cash
Total current assets
Total assets
Barth Company
Income Statement
Year Ended December 31, 2011
♦
$
♦
◆
◆
$24.000
Inventory $ 54,000
45,000
Land
120,000
12,000
300,000
Goodwill
226,500 Retained earnings
90,000
72,000
Sales revenue
600,000
♦
+
♦
♦
225,000 Supplies inventory
4,500
270,000 Supplies expense 9,000
105,000
Wages expense 60,000
◆
◆
◆
$
$
$
Barth Company
Balance Sheet
December 31, 2011
Liabilities and equity
Total liabilities
♦
◆
+
Total equity
Total liabilities and equity
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Transcribed Image Text:Constructing Financial Statements from Account Data Barth Company reports the following year-end account balances at December 31, 2011. Prepare the 2011 income statement and the balance sheet as of December 31, 2011. Accounts payable Accounts receivable Bonds payable, long-term Buildings Cash Common stock Cost of goods sold Equipment Expenses Total expenses Net income Assets Cash Total current assets Total assets Barth Company Income Statement Year Ended December 31, 2011 ♦ $ ♦ ◆ ◆ $24.000 Inventory $ 54,000 45,000 Land 120,000 12,000 300,000 Goodwill 226,500 Retained earnings 90,000 72,000 Sales revenue 600,000 ♦ + ♦ ♦ 225,000 Supplies inventory 4,500 270,000 Supplies expense 9,000 105,000 Wages expense 60,000 ◆ ◆ ◆ $ $ $ Barth Company Balance Sheet December 31, 2011 Liabilities and equity Total liabilities ♦ ◆ + Total equity Total liabilities and equity
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